Foreign
Currency
Par Amount,
Principal
Amount
or Shares
|
|
|
Acquisition
Date1
|
Acquisition
Cost
in U.S. Dollars1
|
Value
in
U.S. Dollars
|
|
1
|
TRADE FINANCE AGREEMENTS—87.8%
|
|
|
|
|
|
Banking—15.0%
|
|
|
|
$ 5,000,000
|
|
Access Bank PLC, 6.500%, 8/25/2023
|
2/24/2023
|
$ 4,903,000
|
$ 4,965,848
|
EUR 8,500,000
|
|
Akbank T.A.S., 7.154%, 11/2/2023
|
5/8/2023-
5/24/2023
|
9,164,594
|
9,275,203
|
$10,000,000
|
2
|
Banco Do Brasil SA, 6.439% (SOFR +1.100%), 8/11/2023
|
11/24/2022
|
10,000,000
|
10,000,000
|
5,000,000
|
|
Banco Santander (Brasil) SA, 5.998%, 8/10/2023
|
5/25/2023
|
5,000,000
|
5,002,789
|
10,000,000
|
|
Banco Santander (Brasil) SA, 6.136%, 12/15/2023
|
5/17/2023
|
10,000,000
|
9,996,225
|
EUR 5,000,000
|
2
|
Denizbank AS, 6.853% (3-month EURIBOR +0.034%), 11/22/2023
|
4/24/2023
|
5,513,165
|
5,456,002
|
$12,000,000
|
2
|
Joint Stock Commercial Bank Agrobank, 9.456% (SOFR +4.500%), 10/13/2023
|
10/17/2022-
3/7/2023
|
12,000,000
|
12,071,999
|
EUR 3,000,000
|
|
QNB Finansbank AS/Turkey, 6.937% (6-month EURIBOR +3.475%), 12/1/2023
|
4/24/2023
|
3,310,439
|
3,273,601
|
4,500,000
|
|
QNB Finansbank AS/Turkey, 6.962% (6-month EURIBOR +3.500%), 5/30/2024
|
5/24/2023
|
4,742,226
|
4,813,694
|
$ 4,655,000
|
2
|
Sonangol Finance Ltd. (“SFL”), Inc. in Cayman Islands, a wholly owned subsidiary of
Sonangol EP, Term Loan, Series 2025 TF, 9.393% (1-month USLIBOR +4.200%), 1/29/2025
|
5/24/2023
|
4,621,275
|
4,655,000
|
EUR 3,000,000
|
2
|
The National Bank for Foreign Economic Activity of the Republic of Uzbekistan (“NBU”),
7.218% (6-month EURIBOR +3.400%), 6/18/2024
|
4/24/2023
|
3,310,439
|
3,273,601
|
8,750,000
|
|
Turikiye Vakiflar Bankasi T.A.O., Turkey, 6.937% (3-month EURIBOR
+3.500%), 11/30/2023
|
5/8/2023-
5/18/2023
|
9,446,109
|
9,548,003
|
5,000,000
|
|
Turkiey Ihracat Kredi Bankasi A.S., 7.313%, 11/16/2023
|
5/8/2023
|
5,464,221
|
5,456,002
|
|
|
TOTAL
|
|
|
87,787,967
|
|
|
Basic Industry - Forestry/Paper—0.0%
|
|
|
|
$ 75,000
|
2
|
Bahia Cellulose, 8.156% (1-month USLIBOR +3.000%), 7/18/2023
|
11/20/2017
|
75,112
|
75,000
|
|
|
Basic Industry - Metals/Mining Excluding Steel—6.9%
|
|
|
|
5,400,000
|
2
|
China Hongqiao Group Ltd., 9.017% (1-month USLIBOR +3.800%), 3/30/2024
|
6/3/2021
|
5,400,000
|
5,400,000
|
5,500,000
|
2
|
Harmony Gold Mining Co. Ltd., 8.100% (SOFR +3.050%), 6/8/2025
|
7/31/2018-
7/6/2021
|
5,507,949
|
5,508,164
|
11,224,750
|
|
Mosaic Fertilizantes P&K Ltd., Brazil and/or Mosaic Feritilizantes Ltd, 6.000%, 10/31/2023
|
2/21/2023-
5/10/2023
|
10,953,696
|
11,213,315
|
10,000,000
|
2
|
PJSC Acron, 6.870% (1-month USLIBOR +1.700%), 5/18/2026
|
11/26/2021
|
10,000,000
|
9,789,590
|
8,000,000
|
2
|
PJSC MMC Norilsk Nickel, 6.550% (SOFR +1.400%), 2/20/2025
|
11/30/2020-
10/22/2021
|
7,958,425
|
7,627,264
|
700,000
|
2
|
Tasiast Mauritanie Ltd. SA, 8.500% (6-month USLIBOR +0.042%), 12/15/2027
|
10/15/2020
|
700,000
|
700,000
|
|
|
TOTAL
|
|
|
40,238,333
|
|
|
Building & Development—0.7%
|
|
|
|
4,275,000
|
2
|
IHS Zambia Ltd., 10.248% (3-month USLIBOR +5.000%), 12/15/2027
|
11/26/2021
|
4,269,537
|
4,193,500
|
|
|
Building Materials—0.5%
|
|
|
|
3,254,308
|
|
Cemex S.A.B de C.V., 6.440%, 9/26/2023
|
4/4/2023
|
3,153,588
|
3,206,102
|
|
|
Communications - Telecom Wirelines—0.6%
|
|
|
|
EUR 3,200,000
|
2
|
Telekom Srbija a.d. Beograd, 8.710% (6-month EURIBOR +4.950%), 6/1/2026
|
5/30/2023
|
3,433,440
|
3,491,841
|
|
|
Consumer Goods - Food - Wholesale—0.9%
|
|
|
|
$ 206,250
|
2
|
Ghana Cocoa Board, 9.798% (6-month USLIBOR +4.400%), 11/12/2024
|
8/11/2021
|
206,250
|
199,962
|
4,735,294
|
2
|
International Beverage Tashkent, 9.811% (3-month USLIBOR +4.500%), 12/29/2026
|
12/28/2021-
3/8/2022
|
4,735,294
|
4,735,294
|
894,737
|
2,3,4,5
|
Vicentin SAIC II, 11.260% (3-month USLIBOR +6.000%), 1/15/2024
|
1/8/2018-
2/21/2018
|
894,737
|
134,211
|
|
|
TOTAL
|
|
|
5,069,467
|
Foreign
Currency
Par Amount,
Principal
Amount
or Shares
|
|
|
Acquisition
Date1
|
Acquisition
Cost
in U.S. Dollars1
|
Value
in
U.S. Dollars
|
|
1
|
TRADE FINANCE AGREEMENTS—continued
|
|
|
|
|
|
Energy - Exploration & Production—8.9%
|
|
|
|
$11,000,000
|
2
|
Azule Energy Holding Ltd., 9.550% (SOFR +4.500%), 7/29/2029
|
10/27/2022-
12/19/2022
|
$10,920,000
|
$ 10,986,704
|
11,000,000
|
2
|
CC Energy Development Ltd., 8.914% (SOFR +3.750%), 7/1/2028
|
8/31/2022
|
11,000,000
|
11,000,000
|
8,423,441
|
2
|
FPF005 PTE Ltd. Singapore, Inc., 8.138% (3-month USLIBOR +2.600%), 8/13/2024
|
6/16/2022
|
8,383,791
|
8,423,441
|
153,846
|
2
|
SOCAR Energy ’18, 7.536% (3-month USLIBOR +2.200%), 11/8/2023
|
11/26/2019
|
153,154
|
153,846
|
5,000,000
|
2
|
SOCAR Energy, 8.563% (6-month USLIBOR +3.450%), 8/11/2026
|
8/11/2021
|
4,957,500
|
5,000,000
|
6,145,626
|
2
|
Sonangol Finance Ltd., 9.443% (1-month USLIBOR +4.250%), 12/20/2023
|
12/16/2022
|
6,091,722
|
6,133,187
|
3,800,000
|
2
|
Sonangol Finance Ltd., 10.467% (1-month USLIBOR +5.250%), 9/30/2026
|
9/15/2021
|
3,762,000
|
3,800,000
|
6,666,667
|
2
|
State Oil Co Of The Azer, 7.940% (6-month USLIBOR +2.700%), 2/22/2024
|
5/4/2021-
3/7/2023
|
6,606,417
|
6,661,792
|
|
|
TOTAL
|
|
|
52,158,970
|
|
|
Energy - Gas Distribution—3.4%
|
|
|
|
4,525,719
|
2
|
Papua New Guinea Liquefied Natural Gas Global Company, 9.400% (6-month USLIBOR
+3.500%), 6/15/2026
|
4/14/2023
|
4,480,462
|
4,525,719
|
1,444,632
|
2
|
Papua New Guinea Liquefied Natural Gas Global Company, 9.900% (6-month USLIBOR
+4.250%), 6/15/2024
|
4/14/2023
|
1,444,632
|
1,444,632
|
12,597,990
|
2
|
Venture Global Calcasieu Pass LLC, 7.287% (1-month USLIBOR +2.625%), 8/19/2026
|
1/28/2021-
2/10/2023
|
12,556,904
|
12,597,990
|
1,137,333
|
2
|
Venture Global Plaquemines LNG LLC, 7.077% (SOFR +1.975%), 5/25/2029
|
12/15/2022
|
1,137,333
|
1,137,333
|
|
|
TOTAL
|
|
|
19,705,674
|
|
|
Energy - Integrated Energy—1.1%
|
|
|
|
1,914,248
|
2
|
Staatsolie Maatschappij Suriname NV, 10.829% (3-month USLIBOR +2.500%), 1/25/2028
|
6/30/2021
|
1,914,248
|
1,914,248
|
4,286,615
|
2
|
Staatsolie Maatschappij Suriname NV, 7.400% (SOFR +2.600%), 1/25/2028
|
6/30/2021
|
4,286,615
|
4,286,615
|
|
|
TOTAL
|
|
|
6,200,863
|
|
|
Energy - Oil Refining and Marketing—5.9%
|
|
|
|
184,914
|
2
|
Dangote, 11.735% (6-month USLIBOR +6.500%), 8/31/2023
|
2/6/2017
|
182,684
|
184,741
|
671,141
|
2
|
Preem AB, 8.934% (1-month USLIBOR +3.850%), 6/21/2025
|
6/20/2023
|
671,141
|
671,141
|
8,045,482
|
2
|
Trafigura Pte Ltd., 7.084% (1-month USLIBOR +2.000%), 9/30/2023
|
9/23/2022
|
8,045,482
|
8,045,482
|
5,250,000
|
2
|
Trafigura Pte Ltd., AUS, 6.418% (1-month USLIBOR +2.000%), 6/30/2024
|
12/20/2022
|
5,250,000
|
5,250,000
|
5,750,000
|
2
|
Trafigura Pte Ltd., NZ, 7.174% (1-month USLIBOR +2.000%), 5/5/2024
|
12/20/2022-
1/20/2023
|
5,750,000
|
5,750,000
|
2,971,698
|
2
|
Yinson Bergenia Production, 8.945% (90-DAY AVERAGE SOFR +3.900%), 6/10/2028
|
3/6/2023-
6/21/2023
|
2,971,698
|
2,968,612
|
12,000,000
|
2
|
Yinson Boronia Production, 8.523% (3-month USLIBOR +3.250%), 8/11/2026
|
12/17/2021-
8/19/2022
|
12,000,000
|
12,000,000
|
|
|
TOTAL
|
|
|
34,869,976
|
|
|
Farming & Agriculture—0.6%
|
|
|
|
3,499,368
|
2
|
Cocobod PXF 2023 Facility Drawdown, 6.834% (SOFR +1.750%), 8/31/2023
|
11/30/2022-
3/13/2023
|
3,499,368
|
3,499,368
|
|
|
Foreign Sovereign—17.2%
|
|
|
|
5,000,000
|
|
African Export-Import Bank (Afreximbank), 6.187%, 4/29/2024
|
5/1/2023
|
5,000,000
|
4,996,561
|
5,628,375
|
|
Bangladesh, Government of, 6.181%, 7/31/2023
|
12/29/2022-
1/25/2023
|
5,628,375
|
5,627,865
|
EUR 412,000
|
2
|
Bank of Industry Ltd. - Central Bank of Nigeria, 7.883% (3-month EURIBOR
+4.500%), 2/14/2025
|
3/17/2020
|
452,046
|
449,575
|
$ 1,333,800
|
2
|
Bank of Industry Ltd. - Central Bank of Nigeria, 11.510% (3-month USLIBOR
+6.000%), 12/11/2023
|
4/21/2021
|
1,347,138
|
1,333,800
|
EUR 5,200,000
|
2
|
Benin, Government of, 8.182% (6-month EURIBOR +4.300%), 12/21/2026
|
12/23/2021
|
5,893,941
|
5,674,242
|
4,800,000
|
|
Benin, Government of, 8.182%, 12/21/2026
|
12/21/2021
|
5,415,841
|
4,891,871
|
7,000,000
|
|
Burkina Faso, Government of, 3.600%, 3/1/2024
|
3/22/2023-
5/31/2023
|
7,612,198
|
7,638,402
|
Foreign
Currency
Par Amount,
Principal
Amount
or Shares
|
|
|
Acquisition
Date1
|
Acquisition
Cost
in U.S. Dollars1
|
Value
in
U.S. Dollars
|
|
1
|
TRADE FINANCE AGREEMENTS—continued
|
|
|
|
|
|
Foreign Sovereign—continued
|
|
|
|
EUR 5,000,000
|
|
Cote D’Ivoire, Government of, 5.355%, 5/22/2024
|
4/24/2023
|
$ 5,513,165
|
$ 5,456,002
|
3,500,000
|
|
Cote D’Ivoire, Government of, 8.880%, 12/31/2025
|
2/3/2023
|
3,778,074
|
3,836,012
|
10,001,000
|
2
|
Cote D’Ivoire, Government of, 7.443% (3-month EURIBOR +2.900%), 12/7/2023
|
5/17/2022-
6/21/2022
|
10,545,523
|
10,913,095
|
4,000,000
|
2
|
Cote D’Ivoire, Government of, 7.519% (1-month EURIBOR +4.050%), 12/13/2023
|
3/9/2023
|
4,222,766
|
4,364,801
|
$ 1,940,973
|
|
Egypt, Government of, 3.680%, 11/24/2023
|
7/4/2022-
11/20/2022
|
1,940,973
|
1,887,398
|
9,899,317
|
|
Egypt, Government of, 7.427%, 5/24/2024
|
1/3/2023-
5/24/2023
|
9,871,817
|
9,458,404
|
6,000,000
|
2
|
Energy Development Oman, 7.584% (3-month USLIBOR +2.950%), 8/14/2028
|
11/2/2021-
11/5/2021
|
5,969,544
|
6,000,000
|
EUR 3,500,000
|
2
|
Minister of Finance of Ukraine, 7.622% (3-month EURIBOR +4.100%), 9/1/2026
|
8/26/2021
|
4,114,075
|
2,899,686
|
3,889,200
|
2
|
MOF Ivory Coast, 8.880% (6-month EURIBOR +0.037%), 12/28/2023
|
9/4/2019-
8/25/2021
|
4,501,364
|
4,128,675
|
8,000,000
|
2
|
Senegal, Government of, 7.819% (3-month EURIBOR +4.350%), 3/1/2026
|
6/9/2023
|
8,596,798
|
8,729,603
|
$ 187,500
|
2
|
Sharjah Govt., 6.698% (3-month USLIBOR +1.200%), 3/4/2024
|
9/21/2020
|
186,562
|
187,500
|
EUR 1,938,256
|
|
Societe Nationale d’Electricite du Senegal, 4.450%, 10/2/2023
|
4/3/2023
|
2,113,960
|
2,115,026
|
$10,000,000
|
2
|
The Federal Republic of Nigeria acting by and through the Federal Ministry of Finance,
Budget and National Planning of Nigeria (“MOF”), 11.413% (3-month USLIBOR
+5.950%), 12/30/2023
|
9/1/2022-
1/19/2023
|
10,000,000
|
10,000,000
|
|
|
TOTAL
|
|
|
100,588,518
|
|
|
Government Agency—1.8%
|
|
|
|
EUR 9,979,180
|
|
Republic of Senegal, represented by the Ministry of Economy, Planning & Corporation,
6.745%, 4/5/2024
|
1/11/2023-
4/17/2023
|
10,829,149
|
10,820,833
|
|
|
Lease—2.3%
|
|
|
|
$ 4,805,675
|
2
|
AerCap Holdings NV, 6.988% (3-month USLIBOR +1.450%), 12/31/2025
|
11/23/2021
|
4,808,986
|
4,791,364
|
9,000,000
|
2
|
Far East Horizon Ltd., 6.908% (3-month USLIBOR +1.400%), 9/10/2024
|
9/15/2021
|
9,000,000
|
9,000,000
|
|
|
TOTAL
|
|
|
13,791,364
|
|
|
Machinery—2.4%
|
|
|
|
8,789,736
|
|
Dover Corporation and its subsidiaries, 5.885%, 11/6/2023
|
4/13/2023-
6/27/2023
|
8,649,401
|
8,884,854
|
5,115,948
|
|
MTD Products, Inc. and other subsidiaries of the Parent, 5.875%, 8/30/2023
|
4/24/2023-
5/11/2023
|
5,033,582
|
5,100,531
|
|
|
TOTAL
|
|
|
13,985,385
|
|
|
Metals & Mining—1.7%
|
|
|
|
10,000,000
|
2
|
Navoi Mining and Metallurgical Company, 9.815% (90-DAY AVERAGE SOFR
+4.760%), 4/20/2027
|
11/24/2022
|
9,999,500
|
10,000,000
|
|
|
Oil Field Services—1.7%
|
|
|
|
9,898,069
|
2
|
Sonasing Xikomba Ltd. (“Xikomfa”), Bermuda, Inc., 7.620% (3-month USLIBOR
+2.300%), 5/29/2026
|
5/17/2022-
11/4/2022
|
9,900,854
|
9,898,069
|
|
|
Packaging—1.5%
|
|
|
|
8,666,253
|
|
Westrock Shared Services, LLC and other subsidiaries of the Parent, 5.848%, 10/2/2023
|
4/27/2023-
6/26/2023
|
8,527,694
|
8,666,253
|
|
|
Supranational—2.6%
|
|
|
|
9,000,000
|
2
|
Africa Finance Corp., 6.059% (3-month USLIBOR +0.900%), 1/17/2025
|
3/11/2022
|
9,000,000
|
9,000,000
|
1,246,342
|
|
African Export-Import Bank (Afreximbank), 2.947%, 9/5/2023
|
9/6/2022
|
1,246,343
|
1,242,953
|
5,000,000
|
2
|
Eastern and Southern African Trade and Development Bank, 6.614% (90-DAY AVERAGE
SOFR +1.350%), 8/23/2024
|
2/9/2023
|
4,936,750
|
4,861,572
|
|
|
TOTAL
|
|
|
15,104,525
|
|
|
Technology & Electronics - Tech Hardware & Equipment—0.7%
|
|
|
|
4,172,902
|
|
Datatec PLC, 5.650%, 9/15/2023
|
6/12/2023-
6/16/2023
|
4,091,771
|
4,169,157
|
Foreign
Currency
Par Amount,
Principal
Amount
or Shares
|
|
|
Acquisition
Date1
|
Acquisition
Cost
in U.S. Dollars1
|
Value
in
U.S. Dollars
|
|
1
|
TRADE FINANCE AGREEMENTS—continued
|
|
|
|
|
|
Telecommunications - Wireless—5.7%
|
|
|
|
$10,000,000
|
2
|
IHS Holding Ltd., Cayman Islands, Inc., 8.989% (SOFR +3.750%), 10/28/2025
|
12/13/2022
|
$ 9,795,000
|
$ 10,000,000
|
6,100,000
|
2
|
Phoenix Tower International Spain ETVE, S.L.U., 9.242% (SOFR +4.000%), 8/10/2027
|
11/21/2022
|
6,951,000
|
6,661,273
|
EUR 7,000,000
|
2
|
PTI Iberica IV, Spanish, Inc., 7.450% (3-month EURIBOR +0.035%), 6/26/2028
|
9/28/2021-
12/22/2022
|
7,114,888
|
7,005,626
|
8,750,000
|
2
|
TDC Net A/S, 4.954% (3-month EURIBOR +2.300%), 2/2/2027
|
3/28/2023
|
9,491,567
|
9,548,003
|
|
|
TOTAL
|
|
|
33,214,902
|
|
|
Transportation - Airlines—0.2%
|
|
|
|
$ 1,286,773
|
2
|
Avolon Aerospace, 3.026% (1-month USLIBOR +1.600%), 3/31/2025
|
11/27/2019
|
1,346,375
|
1,223,217
|
|
|
Transportation - Transport Infrastructure/Services—2.2%
|
|
|
|
EUR 7,500,000
|
2
|
Fraport TAV Antalya Yatirim Yapim ve Isletme (SPV, Turkey), 9.443% (6-month EURIBOR
+5.500%), 3/25/2024
|
9/1/2022
|
7,461,001
|
8,227,480
|
$ 5,000,000
|
2
|
Impala Terminals Switzerland SAR, 8.060% (SOFR +1.900%), 8/13/2025
|
3/28/2023
|
4,901,667
|
4,910,656
|
|
|
TOTAL
|
|
|
13,138,136
|
|
|
Utility - Electric—1.3%
|
|
|
|
EUR 7,000,000
|
2
|
Eesti Energia AS, 7.784% (3-month EURIBOR +4.500%), 5/11/2028
|
5/5/2023
|
7,712,249
|
7,638,402
|
|
|
Utility - Electric-Generation—2.0%
|
|
|
|
$ 5,040,000
|
2
|
Karadeniz Powership Osman Khan Co., Ltd., 10.550% (6-month USLIBOR
+5.500%), 9/15/2026
|
10/14/2021
|
4,989,600
|
5,037,377
|
1,666,666
|
2
|
Karpower International B.V., 13.843% (6-month USLIBOR +8.500%), 11/16/2023
|
2/21/2023
|
1,667,417
|
1,664,938
|
2,162,000
|
2
|
Karpower International DMCC (opco, Dubai) (“Karpower Reef”), 11.742% (SOFR
+6.500%), 6/30/2026
|
5/10/2023
|
2,134,975
|
2,150,458
|
1,935,272
|
2
|
Karpowership, 9.735% (6-month USLIBOR +4.500%), 2/28/2025
|
7/30/2020-
7/9/2021
|
1,915,921
|
1,941,454
|
339,312
|
2
|
SMN Barka Power Company S.A.O.C., 6.496% (6-month USLIBOR +1.250%), 3/28/2024
|
12/2/2020
|
312,167
|
334,662
|
769,231
|
2
|
The Sharjah Electricity and Water Authority, 7.448% (1-month USLIBOR
+1.950%), 12/23/2025
|
12/21/2020
|
767,884
|
769,231
|
|
|
TOTAL
|
|
|
11,898,120
|
|
|
TOTAL TRADE FINANCE AGREEMENTS
(IDENTIFIED COST $516,673,491)
|
|
|
514,633,942
|
|
|
INVESTMENT COMPANY—9.5%
|
|
|
|
55,565,694
|
|
Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares,
5.19%6
(IDENTIFIED COST $55,545,635)
|
|
|
55,554,581
|
|
|
TOTAL INVESTMENT IN SECURITIES—97.3%
(IDENTIFIED COST $572,219,126)
|
|
|
570,188,523
|
|
|
OTHER ASSETS AND LIABILITIES - NET—2.7%7
|
|
|
15,713,247
|
|
|
TOTAL NET ASSETS—100%
|
|
|
$585,901,770
|
Settlement
Date
|
Counterparty
|
Foreign
Currency
Units to
Deliver/Receive
|
In
Exchange
For
|
Net Unrealized
Appreciation/
(Depreciation)
|
|
Contracts Sold:
|
|
|
|
|
|
7/14/2023
|
State Street Bank & Trust Co.
|
3,200,000
|
EUR
|
$3,446,041
|
$(47,300)
|
7/14/2023
|
State Street Bank & Trust Co.
|
1,400,000
|
EUR
|
$1,499,332
|
$(29,005)
|
7/14/2023
|
Bank Of New York
|
4,987,500
|
EUR
|
$5,350,415
|
$(94,285)
|
7/14/2023
|
State Street Bank & Trust Co.
|
62,242,250
|
EUR
|
$67,081,902
|
$(866,046)
|
7/27/2023
|
Barclays Bank
|
73,886,000
|
EUR
|
$81,179,080
|
$468,164
|
NET UNREALIZED DEPRECIATION ON FOREIGN EXCHANGE CONTRACTS
|
$(568,472)
|
|
Federated Hermes Institutional
Prime Value
Obligations Fund,
Institutional Shares
|
Value as of 3/31/2023
|
$90,363,791
|
Purchases at Cost
|
$80,248,092
|
Proceeds from Sales
|
$(115,056,960)
|
Change in Unrealized Appreciation/Depreciation
|
$(6,499)
|
Net Realized Gain/(Loss)
|
$6,157
|
Value as of 6/30/2023
|
$55,554,581
|
Shares Held as of 6/30/2023
|
55,565,694
|
Dividend Income
|
$958,147
|
1
|
Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or availing
of an exemption from registration, under
the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At June 30, 2023, these restricted
securities amounted to $514,633,942,
which represented 87.8% of total net assets.
|
2
|
Floating/variable note with current rate and current maturity or next reset date shown.
|
3
|
Issuer in default.
|
4
|
Market quotations and price valuations are not available. Fair value determined using significant unobservable inputs in accordance
with procedures established
by and under the supervision of the Fund’s Adviser acting through its Valuation Committee.
|
5
|
Non-income-producing security.
|
6
|
7-day net yield.
|
7
|
Assets, other than investments in securities, less liabilities.
|
Valuation Inputs
|
||||
|
Level 1—
Quoted
Prices
|
Level 2—
Other
Significant
Observable
Inputs
|
Level 3—
Significant
Unobservable
Inputs
|
Total
|
Debt Securities:
|
|
|
|
|
Trade Finance Agreements
|
$—
|
$—
|
$514,633,942
|
$514,633,942
|
Investment Company
|
55,554,581
|
—
|
—
|
55,554,581
|
TOTAL SECURITIES
|
$55,554,581
|
$—
|
$514,633,942
|
$570,188,523
|
Other Financial Instruments1
|
|
|
|
|
Assets
|
$—
|
$468,164
|
$—
|
$468,164
|
Liabilities
|
—
|
(1,036,636)
|
—
|
(1,036,636)
|
TOTAL OTHER
FINANCIAL INSTRUMENTS
|
$—
|
$(568,472)
|
$—
|
$(568,472)
|
1
|
Other financial instruments are foreign exchange contracts.
|
|
Investments in Trade
Finance Agreements
|
Balance as of 3/31/2023
|
$472,021,560
|
Accreted/amortized discount/premiums
|
785,756
|
Realized gain (loss)
|
695,914
|
Change in unrealized appreciation/depreciation
|
1,799,484
|
Purchases
|
189,344,686
|
(Sales)
|
(150,013,458)
|
Balance as of 6/30/2023
|
$514,633,942
|
Total change in unrealized appreciation/depreciation attributable to
investments still held at 6/30/2023
|
$1,792,985
|
The following acronym(s) are used throughout this portfolio:
|
|
|
EUR
|
—Euro
|
|
EURIBOR
|
—Euro Interbank Offered Rate
|
|
LIBOR
|
—London Interbank Offered Rate
|
|
SOFR
|
—Secured Overnight Financing Rate
|